No St Barbara shortfall this time

Unlike last year, there was no embarrassing shortfall in demand for gold miner
St Barbara
’s latest capital raising.

The company, which owns former Sons of Gwalia gold operations in Western Australia, on has announced the completion of a four-for-13 accelerated non-renounceable entitlement offer to raise $124 million.

According to St Barbara, the $51 million retail component of the offer was oversubscribed - a nice change from the situation last year when the company tried to raise $120 million.

Then it was a lack of retail demand that left underwriter Macquarie Capital with a 10.3 per cent stake in the miner.

Macquarie eventually sold its $50 million swag of shares at a substantial loss.

Somewhat surprisingly, the bank was sole manager and underwriter of the latest raising.